From Public-Private Partnership To Skilled Workforce: How Budget 2024 Can Boost AI Development In India

Budget 2024 expectations: Incorporating robust cybersecurity measures is essential to protect AI systems and data from potential threats.

The development of AI necessitates a workforce with exceptional expertise in machine learning, data science, and related fields.

Source : Gerd Altmann/ Pixabay

By Ankush Sabharwal

India, with its robust IT industry and vast talent pool, is on the verge of an artificial intelligence (AI) revolution. AI has emerged as a transformative force in a variety of global sectors. India's AI development can be accelerated significantly thanks to the Union Budget 2024. AI will not just improve as an industry; it will help all other industries grow, increase jobs, and contribute to GDP. Eventually, it will put India on the leading list of countries developing and using AI-led and enabled technologies/products. 

In addition, it's important to note that the government has already been providing grants, collateral-free loans, and equity-based funds. However, we need to focus more on tech entrepreneurship and have AI-based funds and funds of funds. We need to focus on problem-solving tech/AI solutions and make existing technology more humane, inclusive, and adaptable for everyone, just like no-code gen AI-based conversational platforms.

Significant initiatives like the India AI mission (under MeitY), with a budget outlay of Rs 10,372 crore, will help improve our economy further. 

By emphasising tech entrepreneurship, problem-solving AI solutions, and inclusive technology, we can unlock the true potential of AI and make India a global leader in this field. The Budget 2024 is a critical opportunity to drive India to the forefront of AI development, and we must seize it.

Budget Plan 2024 can boost further AI development in India in the following ways: 

Policies On Ethical AI & Data

Guaranteeing moral man-made intelligence advancement is pivotal for maintainable development.

Putting resources into man-made intelligence morals research and making a committed administrative body can regulate the execution of these rules, guaranteeing capable man-made intelligence improvement. 

Centre Around Computer-Based Intelligence For Social Good

Computer-based intelligence has massive potential for social effects. Financing projects that influence man-made intelligence for medical services, schooling, natural protection, and public security can work on the personal satisfaction of residents. 

Drives like artificial intelligence-driven telemedicine, shrewd horticulture, and calamity-the-board frameworks can show the positive effect of simulated intelligence, gathering public help and trust. 

Expanded Financing For AI Exploration & Development

The foundation of any mechanical headway is solid Research and development support. The financial plan for 2024 should allot critical assets towards innovative AI intelligence work. 

Currently, India's expenditure on R&D is around 0.7 per cent of its GDP, which is significantly lower compared to countries like the US and China, where it exceeds 2 per cent. Increasing this investment can support AI innovation and help bridge the gap between India and leading AI nations.

Building A Skillful Workforce

The development of AI necessitates a workforce with exceptional expertise in machine learning, data science, and related fields. The government should make associations with worldwide tech monsters for ability advancement projects that can additionally improve the ability pool. A recent Nasscom report highlights around 1.4 lakh jobs remain vacant in the Artificial Intelligence (AI) and Big Data Analytics segment across various sectors in India.

Public-Private Partnerships 

AI development can be accelerated through government and private-sector collaborations. These associations can use the qualities of the two areas - the spryness and advancement of privately owned businesses and the scale and assets of the public authority. 

As India is the highest producer and consumer of data, which is the raw material for AI platforms, we have a unique advantage in this space as it would attract foreign companies to do business and invest in India, creating more job opportunities.

Cybersecurity Measures

Incorporating robust cybersecurity measures is essential to protect AI systems and data from potential threats. The budget should allocate funds for developing advanced cybersecurity infrastructure and protocols, ensuring the safety and integrity of AI applications.

The Association Financial Plan 2024 is a critical chance to drive India to the very front of simulated intelligence improvement. Embracing man-made intelligence with a complete and groundbreaking approach will open additional opportunities, upgrading the country's mechanical ability and working on the existence of its residents.

(The author is the Founder and CEO, CoRover)

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